See what happened to oil prices at Nigeria

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See what happened to oil prices at Nigeria
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• As we all know, the constantly declining global
  oil pricehas affected the economy of most of the
  countries having an oil-dependent economy, such
  as Nigeria. This falling oil price has brought
  gloom for not just the oil countries, but also
  investors in oil sector as well as the various
  oil companies. To ensure that the situation
  doesnt get any worse and affect global economy
  in a major way, various steps are being discussed
  by the various stakeholders.
• In the last couple of year, the fall in oil price
  per barrel has been quite significant. While the
  barrel price of U.S. crude CLc1 went down by
  around 1.32 per barrel, the oil price of Brent
  crude LCOc1 oil decreased by almost 1.2 each
  barrel. As a result of this, many oil companies
  were hit badly and had to let go almost 250,000
  employees across the globe in order to remain
  afloat. This has further affected the industry
  morale and to improve which various efforts are
  being made to artificially boost oil price. Many
  influential stakeholders met on a common platform
  a couple of months back to discuss how to control
  this matter, and even discussed an output freeze
  of all oil production.

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• Among those countries affected the most, Nigeria
  is the most prominent. The countrys current
  President, Mr.Muhammadu Buhari is putting into
  place a number of initiatives to revive the
  economy. But so far, not much progress is being
  seen on this front. Buhari blames this on the
  previous government and as per him, the previous
  administration did not save enough during their
  booming phase, causing this problem today. He
  also accused the previous government of
  neglecting other areas of revenue like
  agriculture, and depending completely on oil, due
  to which the countrys economy is now hurting.
  Buharis claim is supported by the fact Nigerias
  economic growth has reduced by around 4 over the
  last year.
• President Buhari seems to have learnt a hard
  lesson, which he was keen on sharing with the
  neighbour South Sudan in a recent address. The
  occasion was a farewell ceremony held for the
  outgoing South Sudanese ambassador. Buhari shared
  his wisdom on this platform with South Sudanese
  government and advised them to utilize other
  potential avenues like agriculture, so as to
  avoid fate similar to Nigerias. This was
  especially meaningful since South Sudan has a lot
  of agricultural land, but like Nigeria they too
  mostly are an oil-dependent economy.

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• The last few years have been quite difficult for
  Nigeria on many fronts. Apart from the economic
  downturn, Nigeria is also facing insurgency by
  the infamous terrorist group Boko Haram. These
  clashes have widely and negatively affected
  Nigerias social scenario as well. Although
  Nigeria has many powerful benefactors such as the
  United States, the government is finding it very
  difficult to completely eradicate the Boko Haram
  problem for good.